Latest news with #DavidMcCormick
The Guardian
4 days ago
- General
- The Guardian
Philadelphia paper warns Fetterman to take Senate job seriously – ‘or step away'
The Philadelphia Inquirer's editorial board has issued a sharp rebuke of Pennsylvania senator John Fetterman in a new opinion piece, urging him to take his job 'seriously' and writing that 'it's time for Fetterman to serve Pennsylvanians, or step away.' In a strongly worded piece published on Sunday, the editorial board of the Philadelphia Inquirer, which endorsed Fetterman during his 2022 Senate campaign, said the first-term Democrat 'has missed more votes than nearly every other senator in the past two years' and 'regularly skips committee hearings, cancels meetings, avoids the daily caucus lunches with colleagues, and rarely goes on the Senate floor'. The editorial board also wrote that six former Fetterman staffers told an Inquirer reporter that Fetterman was frequently absent or spent hours alone in his office, avoiding colleagues and meetings. 'Being an elected official comes with public scrutiny,' the board wrote. 'If Fetterman can't handle the attention or perform his job, then in the best interest of the country and the nearly 13 million residents of Pennsylvania he represents, he should step aside.' 'Being an elected representative is a privilege, not an entitlement,' it added. 'Being a US senator is a serious job that requires full-time engagement.' Fetterman responded to the piece and allegations on Monday during a Fox News debate with Republican senator David McCormick. 'For me, it's very clear, it's just part of like this weird – this weird smear,' Fetterman said. 'The more kinds of, left kind of media continues to have these kinds of an attack, and it's just part of a smear and that's just not … it's just not accurate.' He continued: 'I've always been there, and for me, if I miss some of those votes, I've made 90% of them, and we all know those votes that I've missed were on Monday. Those are travel days and I have three young kids and … those are throwaway procedural votes that … they were never determined if they were important. That's a choice that I made.' Fetterman also reportedly claimed senators Bernie Sanders and Patty Murray had missed more votes than he has. 'Why aren't the left media yelling and demanding them and claiming they're not doing their job?' Fetterman said. In response, a spokesperson for Murray told Politico that most of her missed votes occurred during a vote-a-rama when her husband was hospitalized. A spokesperson for Sanders did not immediately respond to request for comment from Politico, but the outlet pointed out that according to data from a government transparency site, Sanders has missed 836 of 6,226 rollcall votes since 1991, or about 13.4%. Murray has missed 290 of 11,106 rollcall votes since 1993, or roughly 2.6%. By comparison, Politico reported that Fetterman has missed 174 of 961 rollcall votes, approximately 18.1%, in his first term, according to The editorial on Sunday comes as last month, New York magazine published an article on Fetterman which quoted several former and current Fetterman staffers who expressed concerns about the Senator's mental and physical health, and his behavior. In response, Fetterman dismissed the piece, calling it 'a one-source story, with a couple anonymous sources' and labeling it a 'hit piece from a very left publication'.
Business Times
28-05-2025
- Business
- Business Times
US will have golden share in Nippon Steel's takeover of US Steel, lawmaker says
[TOKYO] The US government will have veto power over key decisions relating to US Steel, as part of a deal with Nippon Steel that would approve the Japanese firm's bid for the well-known American steel company, a US lawmaker said on Tuesday (May 27). The details are laid out in what is called a national security agreement (NSA) the companies will sign with the US government, said Republican Senator David McCormick of Pennsylvania, where US Steel is headquartered. 'It'll be a US CEO, a US majority board and then there will be a golden share, which will essentially require US government approval of a number of the board members, and that will allow the US to ensure production levels aren't cut and things like that,' he told CNBC in an interview after Nikkei reported that a golden share was under consideration. It was not immediately clear if McCormick was announcing a new part of the deal beyond prior pledges made by the companies to the Committee on Foreign Investment in the US, which reviews foreign investments for national security risks and has reviewed Nippon Steel's bid for US Steel twice. Two sources familiar with the matter told Reuters that the idea of a golden share, which gives veto rights on key company decisions, is among options that Nippon Steel is considering. But the plan has not been finalised, said one of the sources, who declined to be identified as the matter is private. But on Tuesday, investors appeared confident the deal would soon close, with US Steel shares trading up 1.6 per cent to US$52.84 a share, close to their highest point since the deal was announced. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up US President Donald Trump was expected to address the deal in a rally at a US Steel plant in Pennsylvania this week. In response to questions about the deal, White House spokesperson Kush Desai said, 'The President looks forward to returning to Pittsburgh ... on Friday to celebrate American Steel and American Jobs.' Nippon Steel declined to comment and US Steel did not respond to a request for comment. In an NSA term sheet proposed to CFIUS in September 2024, Nippon Steel pledged that a majority of US Steel's board members will be American, and that three of them – known as the 'independent US Directors' will be approved by CFIUS. 'US Steel may reduce Production Capacity if and only if it is approved by a majority of the Independent US Directors,' the term sheet states, adding that core US managers will be US citizens. Japan's top steelmaker has since December 2023 sought to seal a US$14.9 billion bid to acquire US Steel at US$55 a share. Three sources told Reuters that the price has not been changed. Both President Donald Trump and former President Joe Biden expressed opposition to the tie-up, arguing US Steel should remain American-owned as they sought to woo voters in Pennsylvania ahead of the November presidential election. Biden formally blocked it in January on national security grounds, prompting a lawsuit by the companies that alleged the review process had been unfair. The Biden White House disputed that view. Trump launched a fresh CFIUS review of the deal in April. On Friday he appeared to finally give it his blessing in a social media post, noting that the 'planned partnership' would create 'at least 70,000 jobs, and add US$14 billion US dollars to the US Economy.' The post sent US Steel's share price up over 20 per cent. But on Sunday, Trump cast doubt over that interpretation, noting in remarks to reporters that 'It's an investment and it's a partial ownership, but it will be controlled by the USA.' REUTERS
New Straits Times
28-05-2025
- Business
- New Straits Times
US will have golden share in Nippon Steel's takeover of US Steel, lawmaker says
WASHINGTON/TOKYO: The US government will have veto power over key decisions relating to US Steel, as part of a deal with Nippon Steel that would approve the Japanese firm's bid for the well-known American steel company, a US lawmaker said on Tuesday. The details are laid out in what is called a national security agreement (NSA) the companies will sign with the US government, said Republican Senator David McCormick of Pennsylvania, where US Steel is headquartered. "It'll be a US CEO, a US majority board and then there will be a golden share, which will essentially require US government approval of a number of the board members, and that will allow the United States to ensure production levels aren't cut and things like that," he told CNBC in an interview after Nikkei reported that a golden share was under consideration. It was not immediately clear if McCormick was announcing a new part of the deal beyond prior pledges made by the companies to the Committee on Foreign Investment in the US, which reviews foreign investments for national security risks and has reviewed Nippon Steel's bid for US Steel twice. Two sources familiar with the matter told Reuters that the idea of a golden share, which gives veto rights on key company decisions, is among options that Nippon Steel is considering. But the plan has not been finalised, said one of the sources, who declined to be identified as the matter is private. But on Tuesday, investors appeared confident the deal would soon close, with US Steel shares trading up 1.6 per cent to US$52.84 a share, close to their highest point since the deal was announced. US President Donald Trump was expected to address the deal in a rally at a US Steel plant in Pennsylvania this week. In response to questions about the deal, White House spokesperson Kush Desai said, "The President looks forward to returning to Pittsburgh ... on Friday to celebrate American Steel and American Jobs." Nippon Steel declined to comment and US Steel did not respond to a request for comment. In an NSA term sheet proposed to CFIUS in September 2024, Nippon Steel pledged that a majority of US Steel's board members will be American, and that three of them - known as the "independent U.S. Directors" will be approved by CFIUS. "US Steel may reduce Production Capacity if and only if it is approved by a majority of the Independent U.S. Directors," the term sheet states, adding that core US managers will be US citizens. Japan's top steelmaker has since December 2023 sought to seal a US$14.9 billion bid to acquire US Steel at US$55 a share. Three sources told Reuters that the price has not been changed. Both President Donald Trump and former President Joe Biden expressed opposition to the tie-up, arguing US Steel should remain American-owned as they sought to woo voters in Pennsylvania ahead of the November presidential election. Biden formally blocked it in January on national security grounds, prompting a lawsuit by the companies that alleged the review process had been unfair. The Biden White House disputed that view. Trump launched a fresh CFIUS review of the deal in April. On Friday he appeared to finally give it his blessing in a social media post, noting that the "planned partnership" would create "at least 70,000 jobs, and add US$14 Billion Dollars to the US Economy." The post sent US Steel's share price up over 20 per cent.
Time of India
28-05-2025
- Business
- Time of India
US to retain veto power in Nippon Steel–US Steel deal under national security pact, ET Infra
Advt Advt The US government will have veto power over key decisions relating to US Steel , as part of a deal with Nippon Steel that would approve the Japanese firm's bid for the well-known American steel company, a US lawmaker said on details are laid out in what is called a national security agreement the companies will sign with the US. government, said Republican Senator David McCormick of Pennsylvania, where US Steel is headquartered."It'll be a US CEO, a US majority board and then there will be a golden share , which will essentially require US government approval of a number of the board members, and that will allow the United States to ensure production levels aren't cut and things like that," he told CNBC in an interview after Nikkei reported that a golden share was under was not immediately clear if McCormick was announcing a new part of the deal beyond prior pledges made by the companies to the Committee on Foreign Investment in the US , which reviews foreign investments for national security risks and has reviewed Nippon Steel's bid for US Steel on Tuesday, investors appeared confident the deal would soon close, with US. Steel shares trading up 1.6 per cent to $52.84 a share, close to their highest point since the deal was President Donald Trump was expected to address the deal in a rally at a US Steel plant in Pennsylvania this response to questions about the deal, White House spokesperson Kush Desai said, "The President looks forward to returning to Pittsburgh ... on Friday to celebrate American Steel and American Jobs."Nippon Steel declined to comment and US Steel did not respond to a request for security agreements get worked out in reviews led by the Committee on Foreign Investment in the US, which scrutinizes foreign investments for national security risks and has reviewed Nippon Steel's proposed merger an NSA term sheet proposed to CFIUS in September 2024, Nippon Steel pledged that a majority of US Steel's board members will be American, and that three of them -- known as the "independent US Directors" will be approved by CFIUS."US Steel may reduce Production Capacity if and only if it is approved by a majority of the Independent US Directors," the term sheet states, adding that core US managers will be US top steelmaker has since December 2023 sought to seal a $14.9-billion bid to acquire US Steel at $55 a President Donald Trump and former President Joe Biden expressed opposition to the tie-up, arguing US Steel should remain American-owned as they sought to woo voters in Pennsylvania ahead of the November presidential formally blocked it in January on national security grounds, prompting a lawsuit by the companies that alleged the review process had been unfair. The Biden White House disputed that launched a fresh CFIUS review of the deal in April. On Friday he appeared to finally give it his blessing in a social media post, noting that the "planned partnership" would create "at least 70,000 jobs, and add $14 Billion Dollars to the US Economy." The post sent US Steel's share price up over 20 per on Sunday, Trump cast doubt over that interpretation, noting in remarks to reporters that "It's an investment and it's a partial ownership, but it will be controlled by the USA."
Yahoo
28-05-2025
- Business
- Yahoo
US Steel takeover: senator says US will retain control
STORY: Washington will have the power to veto big decisions at U.S. Steel after it is taken over by Nippon Steel. That's according to Republican Senator David McCormick of Pennsylvania, where the U.S. firm is based. He says the details are laid out in a national security agreement that the two firms will sign as part of the deal. That reportedly includes a so-called golden share, giving the U.S. a veto over major decisions including any big cut to production. It wasn't immediately clear if this is a new part of the deal going beyond pledges already made by the two companies. But the comments come shortly after Donald Trump said that the U.S. would stay in charge: 'It'll be controlled by the United States. Otherwise, I wouldn't make the deal. I went to the unions, to all of the local unions. They all wanted it.' The president is now expected to address the issue in a rally at a U.S. Steel plant in Pittsburgh later in the week. On Tuesday, investors appeared confident that the deal would soon close, with U.S. Steel shares gaining close to 2%. However, Nippon Steel shares were down around 1% in early trade Wednesday. Japan's top steelmaker has been trying to seal a $14.9 billion bid for U.S. Steel since 2023. Trump had previously seemed to oppose the takeover, but appeared to give it his blessing in a social media post last week. He calls the deal an investment resulting in 'partial ownership', and says it will create at least 70,000 jobs.
